GBP/JPY Daily Outlook

Daily Pivots: (S1) 161.39; (P) 162.13; (R1) 162.57; More…

Intraday bias in GBP/JPY remains neutral for the momentum and another rise is in favor. On the upside, break of 163.73 would resume the rebound from 155.33 to 169.26/172.11 resistance zone. However, break of 160.44 minor support will dampen this case and bring retest of 155.33 low instead.

In the bigger picture, corrective decline from 172.11 medium term should have completed at 155.33. With 38.2% retracement of 123.94 to 172.11 at 153.70 intact, medium term bullishness is retained. That is, larger up trend from 123.94 (2020 low) is still in progress. Break of 172.11 high to resume such up trend is expected at a later stage.

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